Korea Investment CORP Has $9.07 Million Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Korea Investment CORP increased its holdings in First Citizens BancShares, acquiring an additional 219 shares and raising its ownership to 4,891 shares, valued at approximately $9.07 million.
• First Citizens BancShares reported an EPS of $44.78, surpassing analysts' expectations of $39.08, and had revenues of $2.38 billion for the quarter, exceeding projections of $2.21 billion.
• The bank’s CEO, Frank B. Holding, Jr., purchased 600 shares of stock at an average cost of $1,698.75 per share, increasing his ownership stake by nearly 1.89%.

Korea Investment CORP boosted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 4.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,891 shares of the bank's stock after purchasing an additional 219 shares during the period. Korea Investment CORP's holdings in First Citizens BancShares were worth $9,069,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Teacher Retirement System of Texas bought a new position in shares of First Citizens BancShares in the first quarter valued at $2,642,000. Bank of New York Mellon Corp raised its position in shares of First Citizens BancShares by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank's stock worth $75,190,000 after purchasing an additional 772 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in shares of First Citizens BancShares by 16.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank's stock worth $352,000 after purchasing an additional 27 shares during the period. Kingswood Wealth Advisors LLC purchased a new stake in shares of First Citizens BancShares during the first quarter valued at $439,000. Finally, DAVENPORT & Co LLC acquired a new position in shares of First Citizens BancShares in the 1st quarter valued at $221,000. Institutional investors and hedge funds own 78.01% of the company's stock.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 600 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the purchase, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hope Holding Bryant bought 409 shares of the stock in a transaction on Thursday, August 7th. The shares were acquired at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the transaction, the insider directly owned 1,764 shares of the company's stock, valued at approximately $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 1,494 shares of company stock valued at $2,485,986 over the last ninety days. Corporate insiders own 13.40% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on FCNCA shares. Citigroup boosted their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. UBS Group restated a "buy" rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a research report on Wednesday, July 9th. JPMorgan Chase & Co. lifted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the company a "neutral" rating in a research note on Monday, July 28th. Finally, TD Cowen assumed coverage on First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 target price for the company. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, First Citizens BancShares presently has an average rating of "Moderate Buy" and an average target price of $2,291.17.

First Citizens BancShares Stock Up 0.0%

FCNCA stock traded up $0.16 during mid-day trading on Thursday, hitting $2,032.72. The stock had a trading volume of 103,469 shares, compared to its average volume of 92,951. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The company has a fifty day moving average of $1,992.79 and a 200 day moving average of $1,901.18. The stock has a market capitalization of $26.26 billion, a price-to-earnings ratio of 12.00 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.08 by $5.70. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. On average, equities analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's payout ratio is currently 4.60%.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.